Ex-president Obasanjo accuses ex-governors while reacting to recession in nigeria

There is a need for Nigeria to borrow, spend less and earn more to get out of the current economic recession, former President Olusegun Obasanjo said onTuesday.

"We spend more than we earn, and we have not been able to save for the rainy day," Obasanjo said in the southwest city of Abeokuta.

He offered a three-fold solution of borrowing, spend less and earn more on the economic challenges of the nation.

Obasanjo speaks during the 2016 World Pension Summit in Abuja shouted that many of the former state leaders discouraged his genuine attempt to save a substantial part of its resources when there was excess oil revenues. He said:

"I remember when I was in government, and I told, particularly governors," so let's save the rainy days. "They said no!" There was no rain at the time, now that the rains have come; there's nothing we can fall back on to cushion us. "Meanwhile, the former leader praised the secured nature of the pension scheme, adding that despite the many years of corruption in the Nigerian polity were institutions not touched." One of the things that makes me very happy in the pension scheme is that, the last five years, where almost anything goes, regarding public funds, pension funds remain inviolable. I think that pension funds is something that we must preserve, whatever we do, "Obasanjo added

In August 2016, Nigeria kill fallen into recession for the first time in more than two decades as growth in Africa's top oil producer shortened for the second Consecutive Quarter. The country's economy contracted 2.1% in the three months til end of June, though inflation hit an 11-year high of 17.1%, underlining the depth of the West African nation's crisis. The recession might not be unconnected from the attacks of the Niger Delta Militant in oil rich region.

In August 2016, Nigeria has fallen into recession for the first time in more than two decades of growth in Africa's top oil producer shortened for the second consecutive quarter. The country's economy reached 2.1% in the three months to the end of June, although inflation hit a 11-year high of 17.1%, which underlines the depth of the West African nation's crisis. The recession may not be unconnected from attacks by Niger Delta militants in the oil-rich region.